Key assistance levels: $ 166
Key Resistance Level: $ 187
On our last visit to SOL, the price was barely standing above the support level of $ 187. Since then, SOL has fallen below this crucial level which has now turned into resistance. Support now sits at $ 166 and appears to be holding. However, the bears have been very aggressive and a halt to the downtrend still seems unlikely in the near term.
Technical Indicators
Trading Volume: Decreasing volume on this last drop in price. This may give a sign that bears are getting exhausted. However, it is too early to say, and bears continue to have the upper hand on price.
RSI: The daily RSI continues to decline and has not yet reached the oversold zone (currently at 37). In the past, SOL has reversed the downtrend to 33 points.
MACD: MACD remains bearish on the daily timeframe. Due to this last drop in price, the MACD moving averages are expanding downwards. As such, bears continue to dominate the chart, and the bulls need to step up to stop this.
Bias
The bias is bearish as long as Solana fails to stop the downtrend.
Short-Term Prediction for SOL Price
SOL’s poor performance continued this week. All attempts by the bulls to reverse this were just unsuccessful. The next important level to look at is $166.
